Firm P has accounts receivable of $19,000, cash of $11,000, property, plant, and equipment of $310,000, merchandise

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Firm P has accounts receivable of $19,000, cash of $11,000, property, plant, and equipment of $310,000, merchandise inventory of $26,000, accounts payable of $24,000, other accrued liabilities of $16,000, common stock of $250,000, and retained earnings of $76,000.


Required:
Calculate Firm P’s working capital and current ratio.

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